The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The wind energy market has seen rapid growth, expanding from <$113.89 billion in 2023 to <$127.04 billion in 2024, reflecting a significant compound annual growth rate (CAGR) of 11.5%. This historical growth is driven by emerging markets’ expansion, increased demand for clean energy, the high environmental impact of conventional energy sources, and rising fuel costs. The market is expected to continue its robust growth, reaching <$194.34 billion by 2028 with a CAGR of 11.2%. This future growth is supported by global population increases, urbanization, rising electricity demand, and a stronger focus on alternative power sources. Key trends include the adoption of wind-solar hybrid systems, robot inspection systems, recyclable wind turbines, AI integration, new plant expansions, product innovations, and strategic collaborations and acquisitions.

The anticipated increase in the adoption of renewable energy sources is expected to drive the growth of the wind energy market. Renewable energy, sourced from naturally replenishing yet flow-restricted sources, is seeing a rise in demand, with wind energy emerging as a clean, cost-effective, and readily accessible option. The U.S. Energy Information Administration’s June 2022 report noted that biomass contributed approximately 5 quadrillion British thermal units (Btu), making up 5% of the total U.S. energy consumption in 2021. Biofuels, wood, and biomass from various sources have played crucial roles in supplying renewable energy. This growing shift towards renewable energy is set to propel the wind energy market’s expansion, with market sizes for 2023, 2024, and 2028 reflecting the increasing importance of wind energy.

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What Are The Key Trends That Influence Wind Energy Market Share Analysis?

Technological advancements are a key trend in the wind energy market. Companies are developing products with cutting-edge technologies to remain competitive. For instance, in July 2022, WEG Industries, a Brazilian electric engineering firm, launched a new wind turbine platform featuring Medium-Speed Geared (MSG) drive technology, a 7 MW capacity, and a 172-meter rotor diameter. This turbine offers seamless integration with electrical grids, flexibility to meet regional grid codes, and the ability to generate reactive energy even in low wind conditions. The design includes modular components, such as a taller tower, to improve logistics and assembly, especially in challenging terrains.

Which Market Players Are Driving Growth In The Wind Energy Market?

Major companies operating in the market are Siemens Energy AG, Xinjiang Goldwind Science & Technology Co. Ltd, General Electric Company, Vestas Wind Systems A/S, Nordex SE,Enercon GmbH, China Ming Yang, Suzlon Energy Ltd., Dongfang Electric Corporation Limited, ABB Limited, Goldwind, Envision Energy, MINGYANG, Gamesa, SHANGHAI ELECTRIC, CSSC, Suzlon Energy Limited, Adani Green Energy Limited, G3 Holdings, NTPC Limited, Teroc AB, ENO Energy GmbH, Greenbyte AB, ENS Energy GmbH, MOWEA GmbH, Uali, Voltalia, Ergosup, Prodeval, EuroCape, Kola Wind Farm, Rosatom, Venture Round – NabraWind Technologies, NovaWind, NextEra Energy, Green Mountain Energy, TPI Composites, Renewable Energy Group, Inc, Clearway Energy, First Solar Inc, PlanEt, Tesla, IOGEN Corporation, Bio-EnPower Inc, Ag-west Bio, Nulife Green Tech, Innergex/Alterra Power, Bullfrog Power, 3G Energy, Pampa Energia SA, YPF Luz, Enel Green Power S.p.A., Genneia SA, 360 Energy SA, CPFL Energias Renovaveis SA, ENGIE Brazil, Eletrobras Furnas, Companhia Hidro Eletrica do Sao Francisco, Omega Geracao SA, ERLPhase Power Technologies Ltd, Bentley Systems Incorporated, Allegheny Technologies Incorporated (ATI), Ecocoast, Cubic Art Pixels, Taweelah B Power & Desalination Complex, Platinum Sustainable Development International, Cleanco Waste Treatment LLC, Shams Power Company, meteocontrol AMEA DMCC, BELECTRIC Gulf, NNQ Energy, OREX, Lake Turkana Wind Farm, Tarfaya Wind Farm, Ras Ghareb Wind Farm, West Bakr Wind Project, Adama I & Ii Wind Farm, Taiba N’diaye Wind Farm, Kangnas Wind Farm

How Is The Global Wind Energy Market Segmented?

The wind energy market covered in this report is segmented –

1) By Turbine Type: Horizontal Axis, Vertical Axis
2) By Component: Turbine, Support Structure, Electrical Infrastructure, Other Components
3) By Location: Onshore, Offshore
4) By Application: Utility, Non-Utility

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The Wind Energy Global Market Report 2024 provides an overview of the wind energymarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The wind energy market forecast analyzes wind energy market size, wind energy market share, leading competitor and their market positions.

The Table Of Content For The Wind Energy Market Include

1. Wind Energy Market Executive Summary
2. Wind Energy Market Segments
3. Wind Energy Market Size And Template Market Growth Rate
4.  Key Wind Energy Market Trends
5. Major Wind Energy Market Drivers
……
25. Key Mergers And Acquisitions In The Wind Energy Market
26. Top Wind Energy Companies
27. Wind Energy Market Opportunities And Strategies
28. Wind Energy Market, Conclusions And Recommendations
29. Appendix

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